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History
- Referred to housing, construction and community development
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Establishes a real property tax exemption for the value of a new single family dwelling which is unsold to a buyer who will reside therein
In Assembly Committee · Real Property Taxation · Sponsor Donna Lupardo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7963
Title of bill
An act to amend the real property tax law, in relation to establishing an exemption for newly constructed single family residential property until sale
Purpose
This bill would give the option to municipalities and school districts to provide a real property tax exemption for certain newly constructed single family residences until the property is sold or otherwise occupied
Summary of provisions
Amends the real property tax law by adding a new section 421-1 to allow the exemption of certain newly constructed single family residential property
Justification
Building permits in New York State for single family residences are in decline. There are very few incentives for a builder or developer to construct housing that isn't already under contract. And builders who began construction of homes for sale at the beginning of the recession are now stuck holding onto these properties because of the struggling economy.
This bill would incentivize builders to build single family homes for sale that are not under contract. With this, the carrying cost of maintaining the home would be significantly eased during the sales period. Construction is an important economic development tool that cannot be overlooked; this bill seeks to recognize the increased risk of speculative home building while also preserving the economic impacts of residential home construction.
This exemption is limited to the increased value from the construction so the builder would continue to pay real property taxes as if the property were vacant until the premises is sold. The maximum period for this exemption would be three years.
The municipalities or school districts who choose to opt into this plan do not relinquish their current revenue from the tax on the land property; the exemption only applies to the value of the newly constructed property that is unsold.
The addition of homes and infrastructure in our State is a vital step in the direction of creating more jobs, growing the tax base of our local governments, and building a stronger community.
Legislative history
New bill.
Fiscal implications
No fiscal impact on the State, with any local costs subject to municipal option EFFECTIVE DATE:
This bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.